Anselm’s argument for the existence of God in Proslogion 2 has a little-noticed feature: It can be properly formulated only by beings who have the ability to think of things and refer to things independently of whether or not they exist in reality. The authors explore this cognitive ability and try to make clear the role it plays in the ontological argument. Then, we offer a new version of the ontological argument, which, we argue, is sound: it is valid, has true premises, and does not beg any questions against the atheist. However, the new reconstruction of the argument falls short of Anselm’s goal of producing “a single argument that would require no other for its proof than itself alone; and alone would suffice to demonstrate that God exists.” The new reconstruction requires a subsidiary argument to show that God exists in the understanding. The subsidiary argument relies on premises that are both contingent and known a posteriori. However, the somewhat amplified argument, if it is sound as the authors believe it to be, does show that God exists in reality. Moreover, the new reconstruction escapes an important recent criticism by Peter Millican (2004, 2007) against ontological arguments generally.